Sunrun (NASDAQ:RUN) Shares Gap Up – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN) shares gapped up prior to trading on Wednesday . The stock had previously closed at $20.72, but opened at $21.72. Sunrun shares last traded at $21.2970, with a volume of 2,830,179 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RUN shares. Susquehanna lifted their target price on Sunrun from $13.00 to $23.00 and gave the stock a “positive” rating in a report on Monday, October 13th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 price target on shares of Sunrun in a research report on Wednesday, January 21st. TD Cowen raised their target price on shares of Sunrun from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Deutsche Bank Aktiengesellschaft set a $19.00 price target on shares of Sunrun in a report on Wednesday, January 7th. Finally, Morgan Stanley lifted their price objective on shares of Sunrun from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 2nd. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sunrun has a consensus rating of “Moderate Buy” and an average target price of $19.99.

Sunrun Price Performance

The company has a market capitalization of $4.41 billion, a PE ratio of -1.70 and a beta of 2.35. The company has a debt-to-equity ratio of 3.67, a quick ratio of 1.06 and a current ratio of 1.46. The stock has a 50 day moving average price of $18.68 and a two-hundred day moving average price of $17.03.

Sunrun (NASDAQ:RUN) last released its quarterly earnings data on Thursday, November 6th. The energy company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $724.56 million for the quarter, compared to the consensus estimate of $601.15 million. Sunrun had a positive return on equity of 19.34% and a negative net margin of 106.50%.The firm’s revenue was up 34.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.37) earnings per share. Equities analysts forecast that Sunrun Inc. will post -0.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Maria Barak sold 1,630 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $18.55, for a total value of $30,236.50. Following the transaction, the chief accounting officer directly owned 85,643 shares of the company’s stock, valued at approximately $1,588,677.65. This trade represents a 1.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Danny Abajian sold 7,190 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $17.80, for a total value of $127,982.00. Following the sale, the chief financial officer directly owned 405,518 shares of the company’s stock, valued at $7,218,220.40. The trade was a 1.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 354,956 shares of company stock worth $6,725,832 in the last 90 days. 3.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sunrun

Several large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in shares of Sunrun by 5.1% during the first quarter. Royal Bank of Canada now owns 626,536 shares of the energy company’s stock valued at $3,672,000 after purchasing an additional 30,175 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Sunrun by 47.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 32,767 shares of the energy company’s stock valued at $192,000 after buying an additional 10,598 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sunrun by 2.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 238,360 shares of the energy company’s stock worth $1,397,000 after acquiring an additional 5,882 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Sunrun by 511.0% during the 1st quarter. Jones Financial Companies Lllp now owns 27,026 shares of the energy company’s stock worth $158,000 after acquiring an additional 22,603 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Sunrun by 45.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,306,808 shares of the energy company’s stock valued at $13,518,000 after acquiring an additional 718,955 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

About Sunrun

Sunrun, Inc (NASDAQ: RUN) is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun’s network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages.

Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California.